Stockland will acquire a 50 per cent interest in Sugarland Shoppingtown in Bundaberg, Queensland for $59.25 million as the property group looks to bolster its national retail portfolio.
Stockland has purchased the stake off-market from an AMP Capital-managed fund.
The group has also exchanged put and call contracts with a client of AMP Capital to buy its 50 per cent stake in Sugarland at a later date on similar terms.
Stockland said the binding put and call contracts may be exercised between 6 and 24 months after the initial 50 per cent acquisition.
Stockland chief executive Mark Steinert said the group's national retail portfolio, which will soon comprise 41 shopping centres, is a significant growth engine for their business.
"This quality acquisition complements our $1.2 billion redevelopment pipeline, providing a strong yield and future growth potential," he said.